FTNT
Fortinet, Inc.
FTNT has the edge over MSFT overall, supported by stronger fundamentals and stronger modeled upside.
MSFT
Microsoft Corporation
MSFT has lower modeled downside risk, despite its lower overall score.
FTNT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
FTNT's revenue, profitability, cash flow and balance sheet are all currently healthy.
MSFT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Healthy | |
| Strong |
MSFT's revenue, profitability, cash flow and balance sheet are all currently healthy.
FTNT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 34x | $130 | — |
| Cheap | 40x | $122 | -5.5% |
| Current | 42x | $130 | — |
| Fair | 54x | $164 | +27% |
| Expensive | 71x | $218 | +68% |
Historical ranges are pointers, not guarantees.
FTNT's PE is in its cheap range at 42x. If earnings grow as analysts expect, today's price would be 34x next year's earnings.
MSFT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 25x | $523 | — |
| Cheap | 27x | $525 | +0.4% |
| Current | 27x | $523 | — |
| Fair | 34x | $652 | +25% |
| Expensive | 37x | $711 | +36% |
Historical ranges are pointers, not guarantees.
MSFT has the edge over FTNT in the historical PE scenario, which offers more potential upside but is not a forecast.
FTNT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Broad | |
| Moderate |
FTNT has the edge over MSFT on the outlook, with more favorable profitability expectations.
MSFT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Strong growth | |
| Stable | |
| Moderate | |
| High |
Analysts expect strong earnings and revenue growth for MSFT, with profitability holding steady.
FTNT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.76 | +23% |
| Q3 2026 | $3.07 | +26% |
| Q2 2026 | $2.83 | +13% |
| Q1 2026 | $2.58 | +6.2% |
| Q4 2025 | $2.42 | +7.1% |
| Q3 2025 | $2.43 | +22% |
| Q2 2025 | $2.51 | +48% |
| Q1 2025 | $2.43 | +58% |
| Q4 2024 | $2.26 | +55% |
FTNT has the edge over MSFT on earnings, with stronger typical year-over-year growth.
MSFT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $20.79 | +8.6% |
| Q3 2026 | $19.15 | +36% |
| Q2 2026 | $17.95 | +32% |
| Q1 2026 | $16.80 | +30% |
| Q4 2025 | $15.99 | +29% |
| Q3 2025 | $14.06 | +16% |
| Q2 2025 | $13.64 | +16% |
| Q1 2025 | $12.93 | +12% |
| Q4 2024 | $12.41 | +12% |
MSFT's earnings per share have climbed steadily: $19.15 over the past year, up 36% from the year before, and higher year over year for 14 quarters in a row.
FTNT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.1B | +20% |
| Q2 2026 | $2B | +26% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | $1.9B | +15% |
| Q3 2025 | $1.7B | +14% |
| Q2 2025 | $1.6B | +14% |
| Q1 2025 | $1.5B | +14% |
| Q4 2024 | $1.7B | +17% |
FTNT's revenue has grown year over year every quarter since late 2020: $2.1B last quarter, up 20% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 34% | +2.2 points |
| Q2 2026 | 34% | +5.6 points |
| Q1 2026 | 31% | +1.9 points |
| Q4 2025 | 33% | -1.7 points |
| Q3 2025 | 32% | +0.5 points |
| Q2 2025 | 28% | -2.4 points |
| Q1 2025 | 29% | +5.7 points |
| Q4 2024 | 35% | +7.3 points |
FTNT's operating margin was 34% last quarter, up 2.2 points from the same quarter a year ago, near the top of its range since 2019.
MSFT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $92.3B | +19% |
| Q2 2026 | $90B | +18% |
| Q1 2026 | $82.9B | +18% |
| Q4 2025 | $81.3B | +17% |
| Q3 2025 | $77.7B | +18% |
| Q2 2025 | $76.4B | +18% |
| Q1 2025 | $70.1B | +13% |
| Q4 2024 | $69.6B | +12% |
MSFT has the edge over FTNT on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 50% | +0.9 points |
| Q2 2026 | 45% | +0.2 points |
| Q1 2026 | 46% | +0.7 points |
| Q4 2025 | 47% | +1.6 points |
| Q3 2025 | 49% | +2.3 points |
| Q2 2025 | 45% | +1.8 points |
| Q1 2025 | 46% | +1.1 points |
| Q4 2024 | 45% | +1.9 points |
MSFT has the edge over FTNT on profitability, with a higher operating margin.
FTNT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $881.8M | +55% |
| Q2 2026 | $965.6M | +240% |
| Q1 2026 | $1B | +26% |
| Q4 2025 | $577.4M | +52% |
| Q3 2025 | $567.5M | -0.8% |
| Q2 2025 | $284.1M | -11% |
| Q1 2025 | $796.8M | +31% |
| Q4 2024 | $380M | +131% |
FTNT has the edge over MSFT on cash flow, with more consistent year-over-year improvement.
MSFT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $18.6B | -27% |
| Q2 2026 | $19.6B | -23% |
| Q1 2026 | $15.8B | -22% |
| Q4 2025 | $5.9B | -9.3% |
| Q3 2025 | $25.7B | +33% |
| Q2 2025 | $25.6B | +9.6% |
| Q1 2025 | $20.3B | -3.2% |
| Q4 2024 | $6.5B | -29% |
MSFT's free cash flow has been positive every quarter for seven years: $60B over the past year, down 23% from the year before.
FTNT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.4% | +2.7M shares |
| 1 year | -2.4% | -18.6M shares |
| 3 years | -6.1% | -48.6M shares |
| 5 years | -11% | -95.9M shares |
| Available history | -15% | -132M shares |
FTNT has the edge over MSFT on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $149.8M |
| Q1 2026 | $823M |
| Q4 2025 | $57.2M |
| Q3 2025 | $1.8B |
| Q4 2024 | — |
| Q4 2023 | $896.2M |
| Q3 2023 | $604.3M |
FTNT spent $1B buying back its own shares over the past year.
MSFT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -7M shares |
| 1 year | -0.3% | -20M shares |
| 3 years | -0.2% | -16M shares |
| 5 years | -1.6% | -121M shares |
| Available history | -3.2% | -245M shares |
MSFT has 7.4B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $4.4B |
| Q2 2026 | $4.6B |
| Q1 2026 | $4.6B |
| Q4 2025 | $7.4B |
| Q3 2025 | $5.7B |
| Q2 2025 | $4.5B |
| Q1 2025 | $4.8B |
| Q4 2024 | $5B |
MSFT spent $21B buying back its own shares over the past year, up 5.2% from the year before.
FTNT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.2x | Net Cash |
| Q2 2026 | -0.9x | Net Cash |
| Q1 2026 | -0.7x | Net Cash |
| Q4 2025 | -0.7x | Net Cash |
| Q3 2025 | -0.5x | Net Cash |
| Q2 2025 | -1.1x | Net Cash |
| Q1 2025 | -1.3x | Net Cash |
| Q4 2024 | -1.0x | Net Cash |
FTNT has the edge over MSFT on leverage, with a lower net debt burden relative to earnings.
MSFT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.1x | Very low |
| Q2 2026 | 0.1x | Very low |
MSFT's net debt is less than a year of its operating earnings (EBITDA).
FTNT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.1 | Neutral |
| Stochastic | 8.9 | Oversold |
FTNT's weekly RSI is 44 (neutral) and its Stochastic is 9 (oversold).
MSFT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 62.1 | Neutral |
| Stochastic | 68.0 | Neutral |
MSFT's weekly RSI is 62 (neutral) and its Stochastic is 68 (neutral).
FTNT PE vs Technology Sector
| Metric | FTNT | Sector median | Relative |
|---|---|---|---|
| PE | 42x | 28x | 51% above |
| PE % | 20 | 35 | 15 pts below |
FTNT is trading at 42x earnings, a 51% premium to the Technology sector's median of 28x.
MSFT PE vs Technology Sector
| Metric | MSFT | Sector median | Relative |
|---|---|---|---|
| PE | 27x | 28x | 2% below |
| PE % | 16 | 35 | 19 pts below |
MSFT has the edge over FTNT on valuation relative to its sector.
FTNT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $160.3 | 19% below |
| 20 week MA | $159.7 | 19% below |
| 50 week MA | $121.6 | 6.5% above |
| 100 week MA | $107.9 | 20% above |
| 200 week MA | $87.1 | 49% above |
FTNT has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 49% above its 200-week average.
MSFT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $524.7 | 0.3% below |
| 20 week MA | $484.8 | 7.9% above |
| 50 week MA | $446.9 | 17% above |
| 100 week MA | $453.8 | 15% above |
| 200 week MA | $411.5 | 27% above |
MSFT has the edge over FTNT on trend strength, trading above more of its moving averages.
FTNT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $21.5 | $30.0 | +39% |
| 2021 | $30.0 | $69.8 | +133% |
| 2022 | $69.8 | $48.7 | -30% |
| 2023 | $48.7 | $58.5 | +20% |
| 2024 | $58.5 | $96.1 | +64% |
| 2025 | $96.1 | $81.6 | -15% |
| 2026 YTD | $81.6 | $129.5 | +59% |
FTNT has the edge over MSFT on returns for 2026, with the stronger performance.
MSFT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $159.0 | $222.8 | +40% |
| 2021 | $222.8 | $334.7 | +50% |
| 2022 | $334.7 | $238.7 | -29% |
| 2023 | $238.7 | $376.0 | +58% |
| 2024 | $376.0 | $430.5 | +14% |
| 2025 | $430.5 | $487.7 | +13% |
| 2026 YTD | $487.7 | $523.0 | +7.2% |
MSFT has finished higher in five of the last six years, two of them by more than 50%. It's up 7.2% so far in 2026.